Baozun's first half revenue increases despite widening operating loss

Baozun Inc. reported total net revenues of RMB4,617.0m ($644.5m) for the six months ended June 30, 2025, a 5.6% increase year-over-year from RMB4,370.8m in the same period of 2024. This growth was primarily driven by both of the group's two business lines. Product sales rose 14.3% to RMB1,803.3m, while services revenue saw a 0.7% increase to RMB2,813.6m.

Despite the revenue growth, the company recorded a loss from operations of RMB93.4m ($13.0m) for the period, widening from a loss of RMB73.6m in the prior year. The operating margin was negative 2.0%, compared to negative 1.7% in the same period of last year. Non-GAAP operating loss also increased to RMB60.8m ($8.5m), primarily due to a RMB53.3m write-down of accounts receivable.

Net loss attributable to ordinary shareholders was RMB97.0m ($13.5m), a slight decrease from RMB97.3m in the previous year. Cash, cash equivalents, restricted cash, and short-term investments totaled RMB2,701.8m ($377.2m) as of June 30, 2025, down from RMB2,915.9m as of December 31, 2024.